I trust you all remain well, those of you that I have spoken to will be aware that despite being closed to new business we have had a busy pandemic working our pipeline, dealing with payment holidays and renewing our funding. I am delighted to announce that we have secured new and additional funding which enables us to immediately relaunch our BTL proposition.
A few things to note and some headlines on criteria worth bringing to your attention in this post-Covid economic environment;
1. Currently in terms of loan sizes we are 75% to 750K loan size, 70% to 1.5M and 65% to our current 3M max
2. We are still lending to ex-pats and Foreign Nationals at our previous limits but in the case of FNs we will only be looking to lend to those with an existing and established UK property footprint.
3. We will be cold on the self employed in these overseas groups and a rate loading of 0.25% for ex-pats and 0.50% for FNs will apply.
4. We are currently restricting HMOs to 70% until we see how this sector fares with the unwinding of furlough.
5. Borrowers who have taken a payment holiday are acceptable but will be subject to a +10 ICR stress.
6. We’ll be focussing hard on borrower strength.
7. Our appetite for new lending is strong.
A product matrix is attached and we have deliberately priced at points where we are cheaper than most of the key players in the specialist space. Products will be live on the portal in the next day or two but I and the team are available to chat about new deals from tomorrow. The Lendco team continue to work remotely so please be mindful of the challenges this brings especially with inbound call volumes, emails continue to be the best route into us at the moment. Having said this we have a small and narrow distribution model therefore we are confident of being able to deliver the same level of speed and efficiency that you are used to.
Your patience and support during the most recent months has been appreciated and we look forward to speaking with many of you over the coming days and weeks.
We are back!
For more information, speak with the placement team on 01708 676135